Bitcoin Price Correlated With Financial Markets – Bitcoin Magazine

This is an opinion editorial by Mike Ermolaev, Head of Public Relations and Content at Kikimora Labs.

Setting the Background: Global Economic Fundamentals

The economy is still recovering from the COVID-19 outbreak as new problems emerge. We are now in a period of rampant inflation, and central banks are trying to compensate for this by raising interest rates.

The higher-than-expected (8.2% YoY) U.S. CPI data (Consumer Price Index) released on October 13 negatively impacted Bitcoin prices. But inflation isn’t the only problem, the global economy is also battling an energy crisis that is affecting Europe more than the US due to its strong reliance on Russian gas and raw materials.



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